Around 1,600 jobs are at risk with top fashion retailer Joules set to go into administration.
The posh retailer looks set to appoint an administrator after the failure to secure an injection of cash in recent weeks to boost the ailing company. The brand - famous for its wellies - say discussions over a last-minute cash-call with investors like founder Tom Joule were unsuccessful and have now concluded with no deal.
Joules said it would now file a notice of intention to appoint Interpath Advisory as administrators to the firm and its subsidiaries "as soon as reasonably practicable".
Joules said: "The board is taking this action to protect the interests of its creditors."
It will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made "in due course".
The chain employs around 1,600 staff and has 130 shops, including 12 in Scotland with branches in Edinburgh, Braehead, Perth and Oban.
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